Dublin, May 21, 2024 (GLOBE NEWSWIRE) -- The "Global Track and Trace Solutions Market: Analysis By Component; Technology; Enterprise Size; Application and End Users, By Region, Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global track and trace solution market was valued at US$6.52 billion in 2023. The market value is expected to reach US$15.73 billion by 2029. The market is expected to grow at a CAGR of approx. 16% during the forecasted period of 2024-2029.
The global track and trace solutions market is highly competitive in nature with considerable number of players, having a high level of consolidation overall revenue share. The major drivers for the track and trace solution market include growing demand for transparency and accountability in the supply chain, development of industrial-grade digital technology, and an increasing adoption of blockchain technology.
The market is expected to grow as governments across the world are adopting regulations on serializations in certain industries such as pharmaceuticals & medical devices, where the grey market sales and counterfeiting are a major problem. Furthermore, stringent regulations and standards pertinent to serialization implementation and aggregation are anticipated to drive the market for track and trace solutions.
In 2023, the North America region led the track and trace solution market, propelled by the presence of highly regulated serialization and aggregation standards, as well as advanced healthcare infrastructure along with expanding medical devices market. Additionally, the increasing investment in advanced technologies across various industries, including pharmaceuticals, automobiles, retail and eCommerce, and others, fosters market development.
During 2024-2029, the US is forecasted to maintain its lead within North America. The US is an early adopter of advanced technologies, helping market vendors offer customized and advanced technology-enabled track and trace solutions for consumers. In addition, the region is witnessing significant growth due to the presence of prominent companies across various industries, including pharmaceuticals, automobiles, retail and eCommerce, and others.
Market Segmentation Analysis:
The software solutions segment held the highest share of the market. The market for track and trace software is expected to grow as a result of growing awareness of counterfeit products necessitating the adoption of track and trace solutions, rising adoption in healthcare companies, including pharmaceuticals, biopharmaceuticals, and medical device companies and successional revenue generation from the software businesses due to subscription-based models because of the implementation of serialization guidelines across various countries. Companies developing this software are investing in R&D for better product development which is expected to propel the growth.
The barcode segment held the highest share in the market. The increased application of 2D barcodes in pharmaceutical and biopharmaceutical product packaging is a major factor that contributed to the higher revenue share. In addition, ample data storage capacity of 2D barcodes than linear barcodes and its higher popularity in the industry boost the demand for 2D barcode-based solutions.
The market's rise is being driven by the demand for software in key end users to assist in the collection of critical business data from various and different sources, such as inventory levels, predicted sales figures, supplier information, and others. Moreover, large enterprises have strong infrastructure, coupled with skilled IT personnel, to maintain large volumes of supply chain database platform, which is driving the segment's growth.
The serialization solutions segment held the dominant share in the market as serialization solutions makes it possible to track and trace products all the way from production to distribution. The increased focus on patient safety, stringent regulatory requirements, and the growing need for efficient supply chain management are driving the demand for serialization solutions in the global market.
The pharmaceuticals segment held the largest share of the market in 2023 and is anticipated to register the highest CAGR during the forecast period. Compliance with serialization regulations is becoming increasingly important in the pharmaceutical industry, thereby driving the growth of the market. Additionally, the implementation of stringent regulations by regulatory authorities such as the FDA and the European Medicines Agency further contributes to the dominance of the pharmaceutical sector in the global market. Thus, owing to all such factors, the pharmaceutical segment is anticipated to attain immense growth in the forthcoming years.
Competitive Landscape:
The key players are constantly involved in product launches with better efficiency and treatment outcomes. The vendors are increasing their focus on strategic partnerships with their consumers and are collaborating with others players in the sector. For instance, in November 2023, Mettler Toledo International Inc. had launched its second Pos Shop convenience store, strategically located in the heart of the vibrant Brickfields community in Kuala Lumpur.
Also, in January 2024, DHL Global Forwarding partnered with Schneider Electric, the provider in the digital transformation of energy management and automation, to design and launch an industry-first multi-modal shipping model, using sustainable aviation fuels (SAFs) to help improve the agility and reduce the environmental impact of its supply chain.
Market Dynamics
Growth Drivers
- Upsurge in Counterfeiting Incidents
- Augmenting Demand From Automotive Industry
- Globalization and Rising Complexity of Supply Chains
- Growing Need for Transparency and Accountability in the Supply Chain
- Stringent Regulatory Compliance and Government Initiatives
Challenges
- High Implementation Cost
- Availability of Alternative Anti-Counterfeiting Technologies
- Malfunctioning of Track and Trace Solutions Applications
Market Trends
- Rapid Expansion of E-Commerce Industry
- Integration of Artificial Intelligence (AI)
- Adoption of Blockchain Technology
- Increasing Consumer Demand for Personalized Products
- Surging Demand from Aviation Industry
- Advancements in Technology
The key players in the global track and trace solution market are:
- Mettler Toledo International Inc.
- Zebra Technologies Corporation
- Axway Software SA
- Siemens AG
- International Business Machines Corporation (IBM)
- SAP SE
- Accenture PLC
- Honeywell International Inc.
- Oracle Corporation
- TraceLink Inc.
- Antares Vision SPA
- Optel Group
- Markem-Imaje AG
For more information about this report visit https://www.researchandmarkets.com/r/rltsbm
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